Everyone wants to protect their wealth for the benefit of their loved ones. People are motivated to look after their children throughout their lives and want the best for them. Many people make wills in the hope that the wealth they have acquired throughout their lives will be passed on to their children and chosen beneficiaries upon their death.

However, a will can only dispose of assets that you own at the time of your death, and if their value erodes over the course of your lifetime, the beneficiary has nothing left.

Living Power of Attorney are specially designed to protect your assets for life. They give you peace of mind that when you die, your inheritance can be safely and securely passed on to your spouse, children and their lineage, or certain other beneficiaries. Once the trust exists, you can use it to "unmute" your assets. Most people protect their homes and savings by depositing capital in a bank or other savings account for everyday life. Trust-protected savings income can be deposited directly into your bank account to supplement income or retirement income.

Just like a safe, assets can be added to or removed from the trust for the rest of your life. If you have large expenses that normal income cannot cover, such as: B. a new car, vacation or home renovation, the appropriate amount can be transferred from the trust to your bank account.

You will be registered as the "primary beneficiary" of the trust and will be in full control of the assets of the trust as long as you are alive and mentally capable. You are free to transfer or release capital from the trust at any time. As the primary beneficiary of the trust, you have a guaranteed right to live in the property for the rest of your life. Under no circumstances can you deport your legal guardian, usually your children. You can instruct the trustee to sell the property and buy a new property of your choice. If the new property you purchased is more expensive, then the trustee will only need to purchase the new property if you have paid the necessary additional capital into the trust.

If you lose your mental capacity, the law no longer gives you the right to govern your own affairs. The assets held in the trust will then be managed on your behalf by your trustee. Your guardians can effectively "stand in your place" to make decisions on your behalf, but they must support you. They can add or remove assets or use trust proceeds to help you and improve your quality of life. Assets held outside the trust are controlled by the courts. By creating a permanent power of attorney, the person you choose can manage the assets you own outside of the trust.

After your death, the trust will continue to work to protect your assets for your beneficiaries. Trusts can continue to keep assets in safekeeping or pay them to designated beneficiaries. This trust is very flexible after your death and has the potential to protect your family for 125 years from the time it was founded. This means that all of the benefits described in this document can protect not only you and your children, but also your grandchildren and great-grandchildren.

Living Power of Attorney is specifically designed to protect your assets for life. They give you peace of mind that when you die, your inheritance can be safely and securely passed on to your spouse, children and their lineage, or certain other beneficiaries.

For more information please visit our website: Willassociates.co.uk